R7A1-Adopt Tentative Ad Valorem And Debt Service MillageCOMMISSION ITEM SUMMARY
Condensed Title:
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA, ADOPTING: 1) THE TENTATIVE AD VALOREM MILLAGE OF 5.7092 MILLS FOR GENEML
oPERATING PURPOSES, WHICH tS TWELVE AND NtNE-TENTHS PERCENT (12.9o/o) MORE THAN
THE "ROLLED-BACK" RATE OF 5.0584 MILLS; AND 2) THE DEBT SERVICE MILLAGE RATE OF
0.2031MILLS; FURTHER SETTING THE SECOND PUBLIC HEARING TO CONSIDERTHE MILLAGE
RATE FOR FISCAL YEAR (FY) 2015/16, ON WEDNESDAY, SEPTEMBER 30, 2015 AT 5:01 P.M.
lntended Outcome
Ensure expenditure trends are sustainable over the long term
Supporting Data (Surveys, Environmental Scan, etc.):
ln the 2014 Community Survey, both residents and businesses reported the following area for the City
related to value for taxes paid:. Percentage of residents rating the Overall Value of City services for tax dollars paid as excellent oroood (Residents: 58%: Businesses 54%)
Item Su mmary/Recommendation :
The Administration recommending a total combined millage rate for the City of Miami Beach of 5.9123,
which represents a decrease of 0.1 114 mills. This amount meets the remaininq millaoe rate qoal to lower
the millage rate to the level in FY 2009/10 as property values have increased over time. ln addition, the
orooosed millaoe rate does not result in a propertv tax increase to median or averaqe orooertv owners that
qualifv for the homestead exemotion and the Save Our Homes cap.
The tentatively adopted combined millage rate of 5.9123 mills is 0.1114 mills less than the 6.0237
combined millage rate for FY 2014115. The tentatively adopted operating millage of 5.7092 mills for FY
2015116 is 0.6508 mills more than the rolled-back rate of 5.0584, and thus, the City is required to publish a
Notice of Tax lncrease. The proposed operating millage rate of 5.7092 requires a majority approval (4 of 7
votes) of the Commission.
Finance & Citywide Projects Committee meetings on June 3d, July 1$, and July 11h,2015
Financial lnformation:
Source of
Funds: llw Amount Account
1
2
Total
Financial lmpact Summary: lncluding the proposed millage rate for FY 2015/16, the City has
decreased the millage by 0.5902 mills in the last five years and combined millage rates today remain more
than 2.8 mills lower, or 33 percent, than in FY 1999/00 and approximately 1.7 mills lowerthan in FY
2006107. As a result, the proposed property tax levy is only $4 million more in FY 2015/16 than it was in
FY 2006/07.
aleruon ITEI!, R1A I# MIAMIBEACH DArE 9:10-lS63
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1915.20]5
TO:
FROM:
DATE:
SUBJECT:CITY COMMISSION OF THE CITY OF MIAMI
,lr ,/r t f"t. 1,, lt\ffi X e f*L*3
/ \",' 1i f$ri',1 \,\ffiff- /*r'-**ffi
City of Miomi Beoch, 1700 Convention Cenler Drive, Miomi Beoch, Florido 331 39, www.miomibeochfl.gov
COMMISSION MEMORANDUM
Mayor Philip Levine and Members of City Com
Jimmy L. Morales, City Manager
September 10,2015
A RESOLUTION OF THE MAYOR
BEACH, FLORIDA, ADOPTING: 1)TENTATIVE AD VALOREM MILLAGE OF
5.7092 MILLS FOR GENERAL OPERATING PURPOSES, WHICH tS TWELVE AND
NINE-TENTHS PERCENT (12.9%) MORE THAN THE "ROLLED-BACK',RATE OF
5.0584 MILLS; AND 2) THE DEBT SERVICE MILLAGE RATE OF 0.2031 MILLS;
FURTHER SETTING THE SECOND PUBLIC HEARING TO CONSIDER THE MILLAGE
RATE FOR FTSCAL YEAR (Fy) 2015/16, ON WEDNESDAY, SEPTEMBER 30,2015AT
5:01 P. M.
ADMINISTRATION RECOMMENDATION
The Administration recommends that the City Commission adopt the attached Resolution which
sets the following:
1) Proposed Millage Rates for FY 2015116:
General Operating 5.6009 mills (0.0850 decrease from last year)
Capital Renewal & Replacement 0.1083 mills (same as last vear)
Sub-Total Operating Millage 5.7092 mills (0.0850 decrease from last year)
Voted Debt Service 0.2031 mills (0.0264 decrease from last vear)Total 5.9123 mills (0.1114 decrease from last year)
2) The tentatively adopted combined millage rate of 5.9123 mills is 0.1114 mills less than the
6.0237 combined millage rate for FY 2014115. The tentatively adopted operating millage of
5.7092 mills for FY 2015/16 is 0.6508 mills more than the rolled-back rate of 5.0584, and
thus, the City is required to publish a Notice of Tax lncrease.
3) The second public hearing to consider the final millage rates and budgets for FY 2015116
shall be on Wednesday, September 30, 2015 at 5:01 P.M., in the City Commission
Chambers, City Hall, 1700 Convention Center Drive.
The "Rolled-Back" millage rate for FY 2015/16 is the millage rate required to produce the same
level of property tax revenues in the General Fund in FY 2015/16 as anticipated to be received in
FY 2014115. lt is important to note, that the January 1,2014, tax roll Citywide declined by almost
$832.6 million (3.1%o) between the July 1, 2014 valuation and the July 1 , 2015 valuation due to
appeals, adjustments, etc, which is part of the reason the FY 2015116 "rolled-back rate" is 0.7358
64
FY 2015/16 Proposed Millage
September 10, 2015
Page 2
mills lower than the FY 2014/15 current millage rate and lower than it would be if the rollback rate
was only adjusted for the increase in revenues generated by higher property values. The area
outside of City Center RDA, which impacts General Fund revenues, declined in value by
approximately $550.9 million during the same period of time.
PROCEDURE
Florida Statutes 200.065 requires that at the conclusion of the first public hearing on the proposed
tax rate and budget, the City Commission proceed in the following specific manner:
1. Adopt a tentative ad valorem millage rate for FY 2015116 operating purposes. This is
accomplished by adopting a Resolution that includes the percentage increase ordecrease
over the "Rolled-back" rate; the required Debt Service millage rate; and, the date, time, and
place of the second public hearing
State statute requires that only the title be read aloud.
2. Adopt a tentative general operating budget for FY 2015116. Also included, are budgets for
the Enterprise, lnternal Service, and Special Revenue Funds. This is accomplished by
adopting a companion Resolution. (See accompanying City Budget Agenda ltem).
Both the millage and budget Resolutions must be adopted again after a second and final public
hearing.
SUMMARY
ln FY 2010111 the city's approach to addressing the then deficit of $32 million included a
distribution of the shortfall between taxpayers and employees. Taxpayers had their tax rate
increased from 5.9123 to 6.5025, an increase of 0.5902 mills. The goal of the Commission has
been to bring them back to that level as property values increase over time. lt should be
remembered that between FY 2009/10 and FY 2O1Ol11 values declined by $2.0 billion driving the
need for an increase in the millage.
ln FY 2011112 the City took its first step in that direction with a reduction in the millage rate of
0.0486 mills. The millage rate for FY 2012113 reduced the millage by an additional 0.1062 mills. ln
the FY 2013114 budget, the millage rate was reduced 0.2314 mills and in the FY 2014115 budget
the millage rate was reduced 0.0926 mills. Overfouryears, this reduction represented 81 percent
of the goal to get back to a millage rate of 5.9123. The remaining goal for millage reduction is
0.1114.
For FY 2015116, the Administration proposes a total combined millage rate for the City of Miami
Beach of 5.9123, which represents a decrease of 0.1 1 14 mills. This amount meets the remaininq
millaqe rate qoal to lower the millage rate to the level in FY 2009110 as property values have
increased over time. ln addition, the proposed millaoe rate does not result in a propertv tax
increase to median or averaqe propertv owners that qualifv for the homestead exemption and the
Save Our Homes cap.
65
FY 2015/16 Proposed Millage
September 10,2015
Page 3
The total proposed operating millage includes a general operating millage rate of 5.6009 which is a
decrease of 0.0850 from 5.6859 in FY 2014115 and a General Fund Capital Renewal and
Replacement millage of 0.1 083, which is proposed to remain flat. The proposed voted debt service
millage rate is adjusted from 0.2295 to 0.2031, a decrease of 0.0264 mills.
It is important to remember that in prior years, the City of Miami Beach significantly reduced tax
rates as propertyvalues increased. Between FY 1999/00 and FY2009/10, totalcombined Cityof
Miami Beach propertytax rates declined approximalely2.E mills. ln FY 2OO7l08 alone, the millage
rate declined by approximately 1.8 mills, with annual savings to the average homesteaded property
of over $400. Further, despite an adjustment of 0.56 mills in the operating tax rate inFY 2010111,
City of Miami Beach proposed combined millage rates today remain more than 2.7857 mills lower
than in FY 1999/00 (33 percent), and 1 .6493 mills lower than 2006/07 (22 percent).
ANALYSIS OF PROPERTY VALUES IN MIAMI BEACH
On July 1, 2015, the City received the "2015 Certification of Taxable Value" from the Property
Appraiser's Office stating that the taxable value for the City of Miami Beach is $30.7 billion including
$267.0 million in new construction. The preliminary 2015 value represents an increase of $3.6
billion or 13.3 percent more than the July 1,2014, Certification of Taxable Value of $27.1 billion.
The comparative assessed values for the Miami Beach Redevelopment Agency City Center
redevelopment district increased from $4.2 billion to $4.8 billion an increase of $635 million or a
15.2 percent increase over 2014 certified values. Citywide values excluding City Center increased
from $22.9 billion to $25.9 billion, an increase of $3.0 billion or 12.9 percent. Values outside the
City Center area determine General Fund revenues.
COMPARATIVE ASSESSED VALUES
Jon.12O14 Volue (in billions)
"/" Chs
Jon.
.l,2015
Volue (in
billionsl
Chonge from 2014
Volue lBudoetl
As o[ July I , 2014
lFor 2014/15
Budoetl
Revised Volue
lFor 2014/15
Proiectionl
Chonge in
2014
Volues
Asof july 1,2015
lFu 2O15/16
Budoetl
$
lin billionsl "/" Cho
TotolCitywide $ 27.1038 $ 26.2712 (0.8326)-3.1%$ 30.6979 $ g.sgat 13.3%
RDA - City Ctr $ 4.1867 $ s.soac $ (0.28r 8)-6.7o/"$ 4.821e $ 0.6349 15.2"/"
Cltywlde Net of
CiV Center $ 22.9171 $ 22.3663 $ (0.55081 -2.4%$ zs.azos $ 2.9592 12.9"/"
66
FY 2015/16 Proposed Millage
September 10, 2015
Page 4
DETERMINING THE OPERATING MILLAGE LEVY
The first building block in developing a municipal budget is the establishment of the value of one
mill of taxation, wherein the mill is defined as $1.00 of ad valorem tax for each $1,000 of property
value. For the City of Miami Beach, the value for each mill is determined by the 2015 Certification
of Taxable Value and has been set at $30.7 million. Florida Statutes permit a discount of up to five
percent for early payment discounts, delinquencies, etc. Therefore, the 95 percent value of the mill
is $29.1 million. Net of Center City RDA tax increment available to the General Fund, the value of
one mill at 95 percent is $25.1 million.
IMPACTS OF CHANGES IN PROPERTY VALUES
For FY 2015116, the proposed operating millage rate for general City operations is 5.7092, which is
0.0850lessthaninFY2014/15. BasedontheJulyl,2ll5,CertificationofTaxableValue,S.T092
mills would generate approximately $143,162,000 in general tax revenues, an increase of
$15,403,000 over FY 2014115 budgeted property tax revenues Citywide (General Fund and City
Center RDA).
Further, the January 1,2014, tax roll Citywide declined by $892.0 million between the July 1,2014
valuation and the July 1 ,2015 valuation due to appeals, adjustments, etc., which is part of the
reason that the FY 2015/16 "rolled-back rate" is significantly less than the FY 2014115 current
millage rate. The value of the area outside of City Center RDA declined by almost $550.9 million.
STATE LEGISLATED OPE RATI NG MILLAGE REQU I REM ENTS
Pursuant to recently enacted State legislation, the City may elect to approve millage rates above
the roll-back rate up to the constitutional cap of 10 mills subject to the following votes by the
Commission or referendum:
. Option l: A majorityof the approvalof the Commission Millage is required to approve a millage
up to 6.61 12 (equivalent to 1 .96 percent increase in property tax revenues). The 1.96 percent
increase is the state per capita personal income gain for the prior calendar year.
. Option l!: A two-thirds approval (5 of 7 votes) of the Commission is required to approve a
millage upto7.2723 (equivalent to a 107o increase in the ad valorem revenues above Option l).
. Option lll: A unanimous approval of the Commission or referendum is required to approve a
millage above 7.2723 up to the 10 millcap
The proposed operating millage rate of 5.7092 therefore requires a majority approval (4 ot7 votes)
of the Commission.
DETERMINING THE VOTED DEBT SERVICE MILLAGE LEVY
The general obligation debt service paymentforFY 2015/16 is approximately $S.g million. Based
on the July 1 ,2015 Certified Taxable Value from the PropertyAppraiser, these bonds would require
the levy of a voted debt service millage of 0.2031 mills. This represents a decrease of 0.0264 mills.
67
FY 2015/16 Proposed Millage
September 10, 2015
Page 5
GOMBINING THE OPERATING AND VOTED DEBT SERVICE MILLAGE LEVY
At the July 31 ,2015 Commission meeting, the Commission set the general operating millage rate
at 5.6009, which is a decrease of 0.0850 from 5.6859 in FY 2014115; a General Fund Capital
Renewal and Replacement millage of 0.1083, which is proposed to remain flat; and a proposed
voted debt service millage rate is adjusted from 0.2295 to 0.2031, a decrease of 0.0264 mills.
lllustrated below is a comparison of the combined millage rates and ad valorem revenues to the
City of Miami Beach for FY 2014115 and FY 2015116 (preliminary) including RDA. lt is
recommended that in the General Fund, 0.1083 mills of the total operating millage continue to be
dedicated to renewal and replacement, resulting in approximately $2.7 million in renewal and
replacement funding.
IMPACT OF PROPOSED MILLAGE ON PROPERW OWNERS
Homesteaded Properties
Amendment 10 to the State Constitution took effect on January 1 , 1995 and limited the increase in
assessed value of homesteaded property to the percentage increase in the consumer price index
(CPl) or three percent (3%), whichever is less. For 2014, the CPI has been determined to be 0.8
percent and therefore, the increase is capped at 0.8% for increased values as of January 1,2015.
Overall, based on the homesteaded properties in the January 1,2014 homestead values as of July
1,2014 valuation, the median value of homesteaded property in Miami Beach for 2014 was
$143,680, and the average $351,189. Applying the increase to the market value of all existing
homesteaded properties from the 2014 tax roll, and the 0.8 percent CPI adjustment, the impact of
the millage rate adjustment to homesteaded properties would be as shown in the following table.
Homesteaded Properties
FY 2011115
FY 201s/16
with 0.8% CPI
iibdian Averaoe Itrbdian Averaoe
1014 Prelilrf nary Taxable Value 3 143.680 3 351.189 3 144.829 3 353,99t
C_rty of Mlami Boach
Operatjng
. _v"9Jed"99S.
Total Mami Beach
$ 833
33
$ 2,035
81
$ 8:27
m
$ 2,021
72
$ 866r$ 2.116 $ 856 $ 2.093
Change ln Taxos
Operall!9
Voted Debt
Total Miami Beach
$ (6) $ (11
,/tl {9
3 (10) S 123
Source: Miami-Dade County Property Appraise/s - 2014-a\erage-median-homestead-residential-values file
o/o lnc/(Decl
City of Miami Beach Millage Rates
Operating
Capital Renewal & Replacement
Sub-total Operating Millage
Debt Service
Total
FY 06/07
7.1920
o.1820
FY 14t15
5.6859
0.1083
From From
FY14l15 FY 06/07
7.3740,
0.2990
5.7942
o.2295
-0.0850
-o.0264
-'l.SYo -22.60/o
-1'1.5o/o -32.1o/o
7.6730 6.0237 ffi*:a -0.1114 -1.8o/o -22.9o/o
68
FY 2015/16 Proposed Millage
September 10, 2015
Page 6
Non-Homesteaded Properties
The annual increase in market value of a non-homestead property is capped at 10 percent (does
not apply to school millages). The city-wide average increase in property values is 13.3 percent.
The property value of individual properties may increase up to, but not more than 10 percent
(excluding the school millage portion of the property tax bill). However, an individual property
owner may see a higher than 10 percent increase if there is a change in ownership of a capped
property resulting in a reset of the cap. Another potential factor, if applicable, would be the value of
new construction which could contribute to a property value increase of higher than 10 percent.
Historical Perspective
It is important to remember that in prior years, the City of Miami Beach significantly reduced tax
rates as property values increased. Between FY 1999/00 and FY 2009/10, property tax rates
declined approximately 2.8 mills. ln FY 2007108 alone, the property tax rate declined by
approximately 1.8 mills, with annualsavings to the average homesteaded propertyof over$400. !n
addition, in FY2005/06 and FY 2OOO107, the Cityfunded $200 and $300 homeownerdividends
paid to homesteaded property owners in the City.
Property Volue, Milloge ond Property Tox Lery
Toxoble
Volues Chorl
Toxoble
Property Volues
lhillionsl
Finol,/Revise
d Toxoble
Volues
(billions)
Millooe Rotes Tox Lew lin mllllonsi
Totol
Combined
Civwide
Millooe
Gnerol
Fund,/RD
A Millooe
Iotol Tox Levy
includino Debt
Generol
Fund Totol
(including S.
Poinie, ond
Renewol &
Rec,locemenll
FY 1997 /98 $ 6.46 $ 6.40 9.2 r 00 7.4990 $ 5745 $ 46.78
FY1,998/99 $ 6.97 $ 6.87 8.9830 7 4990 $ 6037 s 44.66
FY1999/OO $ 7.66 s 7.54 8 6980 7.4990 $ 64.29 $ 47.36
tY2000/o\$ 8.37 $ 8.22 8.5550 7.3990 $ 6908 s 49.75
tY2001 /o2 $ 940 s 9.22 8.3760 7.2990 $ 75.97 $54 .37
FY2002/O3 $0.56 $o.41 8.3220 7 2990 $ 84.81 $ 6t.o5
FY2003/04 $2.O9 $I85 8 1730 7.2990 $ 95.39 $ 68.17
FY2OOA/O5 $4.OA $3.86 8.1730 7.4250 $10.74 $ 7938
FY2005/06 $7.45 $7.1 5 8.0730 7.4810 $JJ 91 t 1.69
FY2006/07 $ 22.74 $ 22.26 7.6730 7.3740 $68 3B a 40 3l
tY2007 /o8 $ 26.8s $ 26 14 s.8970 5.6555 $50.42 $25 33
FY2008/09 $ 26.90 $ 2s.89 5.8930 5.6555 $50.59 $25.94
FY2009/0 $ 24.70 $ 2324 5.9123 5.6555 $38.70 $5.73
FY20 o/I $ 22.10 $ 20.97 6.5025 6.21 55 $36.55 $2.14
tY20 1/2 $ 2l .98 $ 20.75 6.4539 6. t 655 q 34.75 $1.29
FY20 2/3 $ 23.07 $ 22.02 6.3477 6.0909 $39.i0 $/14
tY20 3/4 $ 2a.66 $ 23.64 6.1 r 63 5.8634 $43 26 $7.41
FY20 4/5 $ 27.10 s 2627 6.0237 5.7942 $55 l0 $aa 76
FY20 5/6 $ 30.20 5.9r 23 5.7092 $72 39 $43 .16
Further, although the City increased the operating tax rate by 0.56 mills in FY 2010/1 1, the City's
proposed combined millage rate is now the same as in FY 2009/10 and rate remains approximately
2.8 mills lower ot 33o/o, than it was in FY 1999/00. As a result, the proposed property tax levy is only
$4 million more in FY 2015116 than itwas in FY 2006107.
69
TOTAT COMBINED MITTAGE
om
9.@
8.@
7.W
t e.moao s.(mTg
Eo*
3.@
2.@
!@
iolm
I
I
I
$ 9 @ 01 02 G q 6 6 07 @ @ D 11 p 13 14 5 16
Fiscal Years
FY 2015/16 Proposed Millage
September 10, 2015
Page 7
Property Volues ond Tqx Levy
E 240
E 220
i 200-9 1Bo.6 160Ft 140E 120
5 1oo
303
1'o:1
202!lco
',0 c
o
0le
'07 '08 '09 '10 '11
ffiwa p;spsrty Values
'12',13 '.14 '15 '16
--r-Tax Levy including Debt
Overlapping Jurisdictional Operating and Debt Service Millages
City of Miami Beach property owners must also pay property taxes to Miami-Dade County, the
Miami-Dade County School Board, the Children's Trust, the South Florida Water Management
District, Okeechobee Basin, Everglades Project, and the Florida lnland NavigationalDistrict. These
taxing authorities represent 71 percent of a Miami Beach property owner's tax bill.
The countywide tax rate for Miami-Dade County decreased by 0.0021 mills to 4.6669; the library tax
rate is flat at 0.2840 mills; and the debt service millage is the same at 0.4500 mills.
The tax rate forthe Miami-Dade School Districtdecreased from7.9740 to 7.6120 mills. The
Children's Trust millage is maintained at 0.5000 mills. As a whole, the millage rates for the South
Florida Water Management District, Okeechobee Basin, Everglades Project, and Florida lnland
Navigational District decreased from 0.4187 mills to 0.3896 mills.
70
FY 2015/16 Proposed Millage
September 10,2015
Page I
With the proposed rates for FY 2015/16, the Miami Beach portion of the tax bill is approximately 30
percent of the total bill. Of note. the Countv millaoe is 0.9851 mills less than their millaqe in FY
2006/07. as compared to the Citv's millaqe which is 1.7607 mills less than the Citv millaqe in FY
2006/07. Further, the School Board millage is only 0.4930 below the FY 20OO|O7 millage rate.
The significant difference in the total overlapping millage rate is a direct result of the City's effort to
keep the millage rates as low as possible. A summary of the tax rate changes is provided in the
following table.
OVERIAPPING TAX }IIITAGE fY 06107 tY t4lt5 rY'.aa/15
Vorionce
from
FY t4lt5
Vorionce
from
tY 06/07
"/o oJ
tY t5/16
To?o!
Citv of Miomi Beoch
Operoting 7,192C 5.6859 5.6009 -0.0850 1.591I
Copitol Renewol & Replocemeni o,l82c 0. r 083 0.1 08 0.0000 -0.0737
Subrorol Ooerotino Millooe 7.3740 5.7942 5.7op2 -o.o8so -1.6548
Voted Debt Service o.299C 0.229!0.2031 .0.0264 -0.0959
Iotq 7.6730 6.0237 5.9r23 -o.l t l4 -1.7607 3O/"
Miomi Dode County
Counivwide 5.6r 5C 4.669C '&,6&69
-0.0021 -0.9481
librory 0.486C 0.284C -ilLor284[0.0000 -0.2020
Debt Service 0.285C 0.450c ..::f,0_{.50(0.0000 0. r 650
Subtoto 6.3860 5.4030 ::::5.rl0gg -o.oo2r -o.985r 27"/"
School Boord 8.roso 7.9744 7;5124 -o.3620 -0.4930 38/"
3hildren's Trust 0.422C 0.500c 0.500(0.000c 0.0780 3o/"
Sther 0.736C o.4187 0.389(-0.029r -0.3464 2o/.
Toto 23.3220 20.3t9A I9.8t48 -o.5046 -3.so72 lOoP/"
lmpact of Combined Tax Rates of Overlapping Jurisdictions on Homesteaded Properties
The median and average January 1,2014 taxable values of $143,680 and $351,189, respectively,
will increase by0.8% CPI in FY 2015/16 due to the Save OurHomes Capwhich onlyallowstaxable
values to increase by 3.0% or CPl, whichever is lower.
Applying the proposed combined millage rates to the median and average taxable values results in
a decrease of $51 for the median and a $121 decrease for the average. These decreases include
a $10 decrease in property taxes for the median and a $23 decrease for the average from the
reduction in millage in the City of Miami Beach's portion of the property tax bill.
Median properties would pay approximately $2,869 for all taxing jurisdictions combined, while the
average taxes generated would be approximately $7,015 per homesteaded property. Of these
taxing jurisdictions, the highest component is the Miami-Dade School Board, at $1,102for a
median value property, and $2,695 for an average valued property.
The following table provides examples of changes in property taxes for homesteaded properties
using the proposed tax rates and potential changes from 2014 values.
71
FY 2015/16 Proposed Millage
September 10, 2015
Page 9
lmpoct on Homesteoded Properties Assuming
Chonges in Tqxobte Vqlue from Jonuory l,2Ol5
?( 20t4lt5
FY 20t5lt6
with O.8% CPI
Medion Averoge Medion Averoge
2Ol3 Preliminory foxoble Volue $ t43,68O $ SSt,tgg s 144,829 g 353,999
City of Miomi Beoch
Operoting
Voted Debt
Totol Miomi Beoch
Miomi Dode County
Schools
Other
$ a:s $ z,oss
33 8l
$ ezt $ z,ozt
29 72
$ eoo $ 2,r 16 $ sso $ z,oss
776
1,146
132
1,897
2,800
323
782
1,102
129
1,912
2,695
3r5
Toto $ 2,e20 $ z,tto $ z,aoc $ z,ots
Chonge in Toxes
City of Miomi Beoch
Operoting
Voted Debt
Totol Miomi Beoch
Miomi Dode County
Schools
Other
$
$(r
(61 $ (r 4)
(41 (e)
ot g (23)
6 ',15
l44l (r 05)
{3) (8)
Totol $ (sr) $ (r2r)
As with the City of Miami Beach millage rates, impacts of the combined jurisdictional millage rates
for non-homesteaded properties are based on the individual property values.
SECOND PUBLIC HEARING
The second public hearing on the tentatively adopted millage rate and budget for FY 201 5/1 6 must
be advertised no later than 15 days after the first public hearing. lt is recommended that the second
public hearing be set for Wednesday, September 30, 2015 at 5:01 P.M., in the City Commission
Chambers, City Hall, 1700 Convention Center Drive.
CONCLUSION
The Administration recommends adoption of the attached Resolution which sets both tentative
operating and debt service millage rates for FY 2015/16 and establishes a second public hearing to
be held on Wednesday, September 30, 2015, at 5:01 P.M.
JLM/JW
@
72
RESOLUTION NO.
A RESOLUTTON OF THE MAYOR AND CITY COMMISSTON OF THE CITY OF
MIAMI BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD VALOREM
MILLAGE OF 5.7092 MILLS FOR GENERAL OPERATING PURPOSES,
wHtcH ls TWELVE AND NINE-TENTHS PERCENT (12.9%) MORE THAN
THE "ROLLED-BACK" RATE OF 5.0584 MILLS; AND 2l THE DEBT
SERVTCE MILLAGE RATE OF 0.2031 MILLS; FURTHER SETTING THE
SECOND PUBLIC HEARING TO CONSIDER THE MILLAGE RATE FOR
FtscAL YEAR (FY) 2015/16, ON WEDNESDAY, SEPTEMBER 30, 2015 AT
5:01 P.M.
WHEREAS, on July 31, 2015, the City Commission, following a duly noticed public
hearing, adopted Resolution No. 2015-29100, which set the proposed general operating millage
rates at 5.7092 mills (excluding debt service) for general operating purposes, a reduction of
0.0850 from the FY 2014/15 general operating millage rate; and 0.2031 mills for debt service, a
reduction of 0.0264 mills from the FY 2014115 debt service rate; and
WHEREAS, Section 200.065, Florida Statutes, requires that at the conclusion of the first
public hearing on the City's proposed tax rate and budget, the City Commission: 1) adopt a
tentative ad valorem millage rate for FY 2015/16 operating purposes; and 2) the required Debt
Service millage rate; this is accomplished by adopting a Resolution that includes the percentage
increase or decrease over the "rolled-back" rate; and
WHEREAS, at this time, the Administration recommends that the City Commission set the
second and final public hearing to consider the aforestated millage rates for FY 2015116.
NOW THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND THE CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, as follows:
(1) Pursuant to Section 200.065, Florida Statutes, there is hereby levied a tax for FY
2015116, on all taxable and non-exempt real and personal property located within the corporate
limits of the City of Miami Beach, Florida, as follows:
(a) For the purpose of operating the government of the City, the rate assigned
amounts to 5.7092 mills. Also included are appropriate reserves and
contingencies, which are not limited to reserves for tax discounts and
abatements of uncollected taxes.
The millage rate reflected is twelve and nine-tenths percent (12.9%) more
. than the "Rolled-back" rate of 5.0584 mills.
(b) For the purpose of providing payment on the principal and interest
portions of the General Obligation Bond Debt outstanding and
miscellaneous debt service expenditures, the rate assigned amounts to
0.2031 mills.
73
(2) The tentative adopted millage rates for the City of Miami Beach, Florida for FY 2015116
are subject to a second and final public hearing, herein set for and to be held at 5:01 p.m.,
Wednesday, September 30, 2015, in the City Commission Chambers, City Hall, 1700 Convention
Center Drive, Miami Beach, Florida.
PASSED and ADOPTED this 1Oth day of September. 2015.
Philip Levine, Mayor
ATTEST:
Rafael Granado, Gity Clerk APPROVED AS TO
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